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Explained in plain English

Who oversees bank outages?

In the UK, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) oversee banks. They require banks to report significant operational incidents, including outages, and to have robust plans for managing and recovering from them. Regulators can investigate and impose fines if banks fail to meet their obligations.

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Millions of Revolut and Lloyds customers hit by major outage

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